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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I sold my second home to my son at below market price. it was

Customer Question

I sold my second home to my son at below market price. it was the price I bought it. Do I have to pay capital gains tax?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. As you sold the property to your son who is connected to you for CGT purposes, the sale will be treated as having taken place at the open market value so if that is higher than the sum of the original purchase price and the cost of any improvements, then you may have CGT to pay. If the property was ever your main home, you will be entitled to some main residence relief which you can read about in HS283. I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 1 year ago.
Hi.I'm just following up to find out if my answer helped or if you have any further questions.